KUALA LUMPUR Dec 23 Malaysia's Employees
Provident Fund (EPF) said it has sold its stake in Felda Global
Ventures Holdings Bhd, the world's third largest palm
The pension fund, which was among the cornerstone investors
in Felda's IPO in 2012, had held 3.85 percent in Felda as of
March 18 and was its seventh biggest shareholder, according to
Felda said last month it would have to rationalise its
operations after reporting a third-quarter loss and predicting a
loss for the full-year.
"We have been closely monitoring the equity performance of
Felda over the years and have gradually sold down our
shareholding," EPF said in a statement, adding that the sale was
in line with its efforts to practice high standards of
corporate governance and manage risk.
EPF also said a 6.5 billion ringgit ($1.5 billion) loan
taken out by Felda Global Ventures' parent, Felda Holdings, is
not in default and that Felda continues to service the loan.
($1 = 4.4770 ringgit)
(Reporting by Liz Lee; Editing by Edwina Gibbs)